Innovative Product Users Who Modify Existing Products According to Their

question 16

Multiple Choice

Innovative product users who modify existing products according to their own ideas to suit their specific needs are called:

• A)pioneers.
• B)lead users.
• C)innovators.
• D)laggards.
• E)early adopters.

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Definitions:

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

Total Revenue

The total income generated by a firm or economy from its sale of goods and services, calculated before any expenses are subtracted.

Profit Maximizing

The process by which a firm determines the price and output level that returns the greatest profit, often involving analysis of marginal costs and marginal revenues.

Shutdown

The short-term decision by a firm to cease production due to operating at a loss, where total revenue is not covering variable costs.